Siam Commercial Bank (SCB) has introduced a groundbreaking service for international payments, utilizing stablecoins to enhance transaction efficiency. The bank’s stablecoin solution has been fully commercialized after successfully completing the Bank of Thailand’s regulatory sandbox.
By partnering with Lightnet and Fireblocks, SCB has addressed the infrastructure and custody needs for its new service. The bank explained that the stablecoin-based payments offer several benefits, including improved capital efficiency, reduced operational costs, and the ability to transact in local currencies.
Tridbodi Arunanondchai, CEO of Lightnet, highlighted the positive impact of this solution on customer experience and financial inclusion. He noted that the lower capital requirement per transaction makes cross-border money transfers more accessible to a wider range of individuals.
The launch of SCB’s stablecoin service aligns with the growing adoption of these digital assets in the financial industry. As analysts have observed, stablecoins are becoming increasingly important due to their stability and potential to bridge the gap between traditional finance and cryptocurrencies.